Key insights
- Upcoming SaaS earnings face sector-wide pressure. ServiceNow's negative reaction triggered declines in peers, suggesting a cautious outlook. The article advises patience before buying dips, anticipating potential volatility across the sector through June. A negative feedback loop could amplify downside risk if companies miss expectations.
ServiceNow is down 15% after earnings, and everyone else in the sector is down 1–2%.
It seems like this will be the trend for this quarter: if one company falls, the whole sector gets punished.
With so many earnings lined up over the next two months, it could be a bloodbath.
Not saying you should sell, but if you want to buy the dip, maybe at least wait till this cycle end
Late April * Apr 23: PD (PagerDuty), SAP (Enterprise/ERP) * Apr 29: MSFT (Microsoft), CFLT (Confluent) * Apr 30: TEAM (Atlassian), TWLO (Twilio)
Early May * May 4: PLTR (Palantir) * May 5: SHOP (Shopify), PCOR (Procore), KVYO (Klaviyo), FRSH (Freshworks) * May 6: PAYC (Paycom), APP (AppLovin - Confirmed) * May 7: DDOG (Datadog), NET (Cloudflare), HUBS (HubSpot), DBX (Dropbox), APPN (Appian), PCTY (Paylocity), U (Unity), TTD (The Trade Desk - Confirmed), TOST (Toast - Est)
Mid-Late May * May 11: MNDY (monday.com) * May 13: DT (Dynatrace - Est) * May 14: FIG (Figma) * May 19: PANW (Palo Alto Networks) * May 20: SNOW (Snowflake), ZM (Zoom) * May 21: WDAY (Workday), INTU (Intuit) * May 26: OKTA (Okta), BOX (Box - Est) * May 27: CRM (Salesforce), S (SentinelOne - Est) * May 28: ESTC (Elastic), ZS (Zscaler)
June * Jun 2: CRWD (CrowdStrike), ASAN (Asana - Est) * Jun 3: PATH (UiPath - Est) * Jun 4: DOCU (DocuSign - Est), MDB (MongoDB - Est) * Jun 5: SMAR (Smartsheet - Est) * Jun 8: GTLB (GitLab - Est) * Jun 11: ADBE (Adobe) * Jun 16: ORCL (Oracle - Est)
--- Note: Dates marked (Est) are based on historical trends.